(a) For purposes of this section, a subsidiary is a company at least 50 percent of the voting stock of which is owned by the title insurance company or by a wholly owned subsidiary of the title insurance company.
(b) This subchapter does not:
(1) prohibit a title insurance company from:
(A) appointing as its title insurance agent for a county a person who owns or leases and operates an abstract plant for that county; and
(B) arranging for a division of premiums with the agent as set by the commissioner; or
(2) affect the division of a premium between a title insurance company and its subsidiary title insurance agent when the company directly issues a title insurance policy or contract under Section 2704.002.

Terms Used In Texas Insurance Code 2502.054

  • Contract: A legal written agreement that becomes binding when signed.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
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